Yeap,what ziggyonice said. But remember that you can't undo that. With my time capsule,when i deleted a backup folder like yours i asked me my password and then gone. No trash no nothing. It doesn't go to trash.
I don't know what you're doing that you want to delete your entire time machine backup, but if you're just trying to reclaim a little bit of space, it is possible to delete individual backups from time machine. Just look here.